Oando Acquires Canadian Subsidiary, OER | Independent Newspapers Limited
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Oando Acquires Canadian Subsidiary, OER

Posted: Feb 29, 2016 at 2:47 pm   /   by   /   comments (0)
Shareholders have approved the sale of Oando Energy Resources (OER) Inc, an exploration and production subsidiary of Oando Plc listed on the Toronto Stock Exchange (TSX), in the form of the remaining minority shareholdings in the exploration and production subsidiary.
Disclosing this at the weekend, OER noted that, at a special meeting on February 25, 2016, in Vancouver, British Columbia, a total of 550.46 million votes, representing 100 per cent, were cast by shareholders in support of the move.
As part of the transaction, OER has notified the TSX and applied for the delisting of the common shares upon completion of the arrangement. In addition, in accordance with Section 720 of the TSX Company Manual, the company has applied to voluntarily delist the common share purchase warrants it issued from the facilities of the TSX upon completion of the arrangement common shares.
Earlier regulatory filing at the Nigerian Stock Exchange (NSE) indicated that Oando E & P Holdings Limited would acquire all the outstanding minority shares under a plan of arrangement for a cash consideration of $1.20 per share.
Oando holds 746,107,838 shares of OER, representing approximately 93.7 per cent of the issued and outstanding common shares. Pursuant to the plan of arrangement, Oando E & P Holdings Limited will acquire all of the common shares that are held either directly or indirectly by the institutional shareholders and Oando.